The Coming Lawsuit Tsunami [Part II]
In my last post, I described how economic downturns always lead people to sue each other out of anger and desperation. Both of these emotions are plentiful now, and will become more so as the depression deepens.
The Coming Lawsuit Tsunami [Part I]
It's bad enough to be in the middle of a global financial panic that could be worse than the Great Depression. But if you're an American, even if you manage to avoid investment losses, you could be wiped out by the coming "lawsuit tsunami."
Get Ready for Exchange Controls! [Part III]
Get Ready for Exchange Controls! [Part II]
In my most recent blog entry, I described how exchange controls—laws restricting private ownership of, or transactions in, foreign currencies and gold—are spreading from third world countries to the industrialized world.
Get Ready for Exchange Controls! [Part I]
Exchange controls—laws restricting private ownership of, or transactions in, foreign currencies and gold—are blossoming throughout the world. Residents of Cuba, Malaysia, Myanmar, Venezuela, and Zimbabwe have long dealt with these restrictions.
Hidden Foreign Exchange Fees from Your Offshore Bank—and How to Minimize Them
While offshore banks provide access to many investments you simply can't buy in the United States, or only buy with great difficulty, you'll pay for the privilege. And nowhere is that truer than when you purchase securities denominated in foreign currencies.
So What if 80% of Big U.S. Corporations Have Tax Haven Subsidiaries? [Part II]
In my last post, I described how Senators Carl Levin (D-Mich.) and Byron Dorgan (D-N.D.), along with the Obama administration, are misinterpreting a report published by the U.S. General Accountability Office to advance their anti-offshore agenda.
So What if 80% of Big U.S. Corporations Have Tax Haven Subsidiaries? [Part I]
U.S. Congressional blowhards are using a recent report from the Government Accountability Office to push for even harsher sanctions against low-tax jurisdictions, and the U.S. companies that use them.
Swiss Banking Giant to Close All U.S. Accounts
One of the results of the intensifying IRS anti-offshore is that offshore banks increasingly restrict or even prohibit investments by U.S. clients.
Supreme Court Upholds the “‘Barney Fife” Exception to the Constitution [Part II]
In my last post, I described an appalling Supreme Court decision that eviscerates the "exclusionary rule" to protect against unreasonable searches and seizures.Â
Supreme Court Upholds the “‘Barney Fife” Exception to the Constitution [Part I]
Growing up in the 1960s, Deputy Barney Fife was a weekly visitor to my home, courtesy of The Andy Griffith Show. Overly ambitious and nervous, but also highly inept, Barney—masterfully played by actor Don Knotts—eventually became a symbol of police over-reaction and incompetence.
You Can Sue for Anything in a Lawsuit
When someone sues you, that person usually wants money. But not always. In a recent divorce case, Richard Batista, a New York surgeon has asked his estranged wife to return, of all things, the kidney he donated to her in 2001.
“Stripping” Leads to $350MM Fine for British Bank
Details are emerging of a massive effort by Iran to use the U.S. financial system to help finance Iranian nuclear and missile programs.
Don’t Get Caught in a War with the Wrong Passport!
As fighting intensified in the Gaza Strip, Israel last Friday began allowing individuals possessing a foreign passport to leave the crowded Palestinian territory. Hundreds left before Israel's ground forces invaded the Gaza Strip the next day.
Avoid a Ponzi Scheme—and Get Sued!
The most important lesson of the Bernie Madoff Ponzi Scheme is that even the world's most sophisticated investors—not to mention regulators—were asleep at the wheel.
No Good Deed Goes Unpunished
If you ever feel compelled to help someone in an emergency situation, I have some free advice: think twice. You might get sued.
Hidden Tax Dangers in Foreign Foundations
In recent years, offshore private interest foundations (OPIFs), mainly formed in Panama, have become popular asset protection and estate planning vehicles. However, if you establish this entity without expert tax advice, you could be in for a rude awakening from the IRS.
Your U.S. Passport: A Terrorist Beacon
There’s no longer any doubt that if you use a U.S. passport to travel internationally, you may well become a terrorist target.
Now the Military Receives Forfeiture Kickbacks
Asset forfeiture is a hugely profitable enterprise for city, county, and state governments, and the federal government as well.
Why Wasn’t Elliot Spitzer Prosecuted for Money Laundering?
About a year ago, former New York governor Elliot Spitzer made a series of cash withdrawals from his own bank account. The total amount he withdrew came to more than $15,000.
Identity Theft Scam Targets Foreign Investors in US Securities
A new scam targets non-resident investors in U.S. accounts. It is an e-mail message, purportedly from the IRS, that threatens to impose a 30% withholding tax on all income from the account if the recipient fails to disclose a great deal of confidential information via a fake IRS reporting form.
U.K. Uses Anti-Terror Laws to Deal with Financial Crisis
The word “terrorism†is a politically charged term, to put it mildly. Declaring a “War on Terrorism†means, of course, deciding who is a “terrorist.†And, according to the British government, the latest terrorist in its sights is Iceland.
Negotiate, Don’t Litigate
I’ve been involved in lawsuits (fortunately, not for more than a decade), and believe me, they’re no fun. To begin with, lawsuits are terrifically expensive.
Attack of the $54 Million Pants
If you don’t recognize Roy L. Pearson’s name, you should. He’s the latest poster boy for frivolous lawsuits, and for good reason. And now, he’s back in court.
How to Survive the Coming Economic Emergency [Part III]
How to Survive the Coming Economic Emergency [Part II]
In my last post, I described the awesome power of the U.S. President to under an “economic emergency.â€Â That authority includes, among other measures, the power to restrict or even prohibit the transfer of dollars outside the United States.
Living Under a State of Financial Emergency [Part I]
As the global economy implodes, governments throughout the world have responded. So far, that response hasn’t impressed global investors. Stock markets are in free-fall, major banks collapse daily, and even creditworthy consumers and companies find it difficult to borrow money.
EU Tells Savers to Invest Outside Europe
With an average tax burden consuming more than 40% of GDP, the 27-member European Union already has some of the world’s highest taxes. At the same time, the EU faces a fiscal crisis.
IRS Cracks Down on Offshore Reporting
If you’re a U.S. citizen or permanent resident, Uncle Sam wants to know if you’re investing or doing business offshore. And if you don’t “tell all†to the IRS, you could face some very nasty penalties.